Duluth-Based Maurices Has Been Sold To New Owner
Maurices, the Duluth-based clothing company, is being sold to OpCapita, a private European equity firm.
According to DuluthNewsTribune.com:
OpCapita, based in London and founded in 2006, is primarily invested in European retailers. It recently sold the German discount clothing giant NKD, which has 1,800 stores, after what OpCapita describes as a “successful turnaround.” The investment firm will be looking for a similar story at Maurices.
Maurices has been trying to recover from declining sales over recent years and the hope is that a new ownership group can be the catalyst for a turnaround.
The $300 million sale is expected to close this summer. The sale will keep Ascena as a minority shareholder, and the company will reportedly continue to provide services such as supply chain, tech support and other related functions.
According to the DNT, George Goldfarb will remain as CEO, with Jeff Kirwan being brought on as executive chairman to help with sales. Local employment levels are expected to remain the same.